HomeMy WebLinkAbout14-172 Transfer Residual Balances from Debt Service Fund 551
4646 Dakota Street SE
Prior Lake, MN 55372
RESOLUTION 14-172
A RESOLUTION TO TRANSFER RESIDUAL BALANCES FROM DEBT SERVICE FUND 551
Motion By: KEENEY Second By: MORTON
WHEREAS, Debt Service Fund 551 was established in 2005 in conjunction with the issuance of
$2,500,000 of General Obligation Improvement Bonds, Series 2005C. These bonds were
issued to finance improvements associated with the Fish Point Road/Fairlawn Shores
Trail/Candy Cove Trail street reconstruction project and Centennial Street improvements;
and
WHEREAS, The G.O. Improvement Series 2005C bond was called and paid on January 15, 2013;
and
WHEREAS, There are residual balances in cash, market value adjustment for investments,
receivables for special assessments and interest; and
WHEREAS, There are approximately $723,000 in deferred special assessments for green acres; and
WHEREAS, Minnesota State Statute 475.61, subd. 4(a) provides that any surplus remaining in a
debt service fund when the obligations and interest thereon are paid may be
appropriated to any other general purpose by the municipality.
NOWTHEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF PRIOR LAKE,
MINNESOTA as follows:
1.The recitals set forth above are incorporated herein.
2.All residual balances (excluding deferred special assessments for green acres) are hereby transferred
to the Debt Service Fund 560.
PASSED AND ADOPTED THIS 10 DAY OF NOVEMBER 2014.
th
VOTE Hedberg Keeney McGuire Morton Soukup
Aye
☒☒☒☒☒
Nay
☐☐☐☐☐
Abstain
☐☐☐☐☐
Absent
☐☐☐☐☐
______________________________
Frank Boyles, City Manager